Goodyear Archives - Page 222 of 243 - Tyrepress

Founded in 1898 by Frank Seiberling, The Goodyear Tire & Rubber Company is an American multinational tyre manufacturing company based in Akron, Ohio. It is one of the oldest, biggest and best-known tyremakers in the world. Goodyear makes tyres for automobiles, commercial trucks, light trucks, motorcycles, SUVs, racing cars, aeroplanes, farm equipment and heavy earth-mover machinery. Find all the news and analysis you need relating to Goodyear here.

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Hot Rumours About Goodyear And Gibara

Now that Goodyear’s stock has fallen to its lowest value in the last 10 years, questions are being asked about the consequences for the management. At the moment Goodyear shares costs less than 10 US-$, and American newspapers report that, since 1996, when Sam Gibara took over, Goodyear’s stock-value has fallen by about 80 percent. Last year the company lost more than 200 million US-$, and this year there is no turnaround in sight.Goodyear is not in a position go on the offensive; on the contrary it has its back to the wall. Bad enough that the bond issues are rated as “junk-bonds” and that obtaining credit will be more expensive, but the scenarios and rumours that are being discussed inside the company would have been unthinkable some time ago. Despite these difficulties, analysts agree that Goodyear can resolve its problems without outside help, assuming it chooses the right measures. On Tuesday this week a routine chairman’s board meeting will take place. It is not known whether there will be any discussions about the management.

30th September 2002/by Tyrepress Editors

Tyre Guarantee From Volkswagen

In Germany, VW/Audi has embarked on a press publicity campaign for winter tyres. The program runs for October/November and includes tyre and wheel assemblies with tyres from companies Bridgestone, Continental, Dunlop, Goodyear, Michelin, Pirelli and Mabor Winter Jet, a Continental house-brand. The interesting point is that, when the tyre is purchased, a storing service is offered, accompanied by a free guarantee. The 24-month guarantee includes protection against punctures, damage caused by kerbing and vandalism. The guarantee is not restricted to VW or Audi cars. More information will be available under www.reifengarantie.de, although the page is not yet up and running.

30th September 2002/by Tyrepress Editors

Goodyear To Lay Off 450 Workers In Tennessee

On Monday, Goodyear will lay off 450 workers at its plant in Union City, Tennessee, blaming the economic slow down. Plant Manager Jim Davis explained that industry replacement tyre shipments were down 8 per cent on last year andGoodyear’s shipments were below this figure. 450 workers make up almost 12 per cent of the factory’s workforce.

27th September 2002/by Tyrepress Editors

Goodyear: Hold

McDonald Invest has reclassified Goodyear shares from Buy to Hold. The Deutsche Bank in New York is afraid that Goodyear will show a loss for the year or, at best, break even. The analysts from Deutsche Bank believe that Goodyear has its own particular problems compared with other tyre manufacturers.

26th September 2002/by Tyrepress Editors

Goodyear Boosts Pension Plans

Goodyear Tire and Rubber has contributed 11.3 million shares of common stock to its two domestic pension plans. The contributions are voluntary on Goodyear’s part. Robert W. Tieken, chief financial officer, says that the move will benefit both the pension plan participants and the company without any material impact on earnings per share through 2003.

19th September 2002/by Tyrepress Editors

Kumho Tire Company Newest TRIB Member

Kumho Tire Company is the eleventh new tyre manufacturer to support the Tire Retread Information Bureau (TRIB). Other new tyre manufacturers who are currently TRIB members include Bridgestone/Firestone, Cooper, Dunlop, Goodyear, Hankook, Hercules, Kelly-Springfield, Michelin, Sumitomo and Yokohama. “We are very pleased that Kumho Tire Company has decided to support TRIB. They, along with our other new tyre manufacturer members, realise that TRIB’s efforts on behalf of retreading benefit the entire truck tyre industry,” said Harvey Brodsky, TRIB’s Managing Director. Brodsky said that TRIB is actively contacting all other new tyre manufacturers throughout the world with an invitation to join the Tire Retread Information Bureau.

16th September 2002/by Tyrepress Editors

Goodyear Workers Sue Over Age Discrimination

A group of Goodyear Tire & Rubber Co. employees sued the company on Thursday, saying Goodyear’s employee evaluation system discriminates against older workers.

16th September 2002/by Tyrepress Editors

TyreFort Opens In Birmingham

On September 5th, Goodyear Dunlop UK officially opened its new purpose-built head office and national distribution centre, called TyreFort, in Birmingham. The building houses 300 associates, including Goodyear and Dunlop sales and marketing functions and shared functions such as finance, IT, etc. The National Distribution Centre is a 500,000 square foot warehouse, capable of storing one million tyres, and operates 24/7. In a spectacular opening ceremony, Marco Molinari, Chairman and Group MD for the UK welcomed guests, local dignitaries and customers and the official opening was performed by Mike Roney, President, Goodyear-Dunlop Western Europe.

10th September 2002/by Tyrepress Editors

Changes In Tyre Manufacturer World Rankings

Last year Michelin achieved total sales of $13.4 billion, putting the company ahead of Bridgestone ($13 billion) and Goodyear ($12.5 billion). However, in unit terms, Goodyear considers itself the largest manufacturer with an output of 219 million tyres.

10th September 2002/by Tyrepress Editors

Four Blimps Together

Goodyear is intending the first four blimp formation in forty years at Pittsburgh on the 6th September. The occasion will be the naming of the latest addition to the fleet, the Spirit Of America. It will be joined by, Eagle, Stars and Stripes and Spirit of Goodyear.

4th September 2002/by Tyrepress Editors

Ceat To Import Pirelli To India

Indian manufacturer Ceat Ltd has caused a stir by agreeing to outsource some 10,000 tyres per month from Pirelli. Recently Indian companies have sought to find cheaper alternative products by buying from other, lower cost markets but this move goes against the trend with Ceat importing higher cost, higher quality products from a world leading brand. The reasons are said to be to fill the gap left by the collapse of the Ceat – Goodyear JV to produce radials and to try and give the company a foothold in the growing radial tyre market without setting up another manufacturing operation in India. It may also offer a low risk opportunity to test the Indian market’s capacity for high quality, high cost premium brand products. The outcome of the exercise may alter the nature of the Indian tyre market according to some commentators.

3rd September 2002/by Tyrepress Editors

Canadian Police Contract For Goodyear

Goodyear’s Canadian operation has won a three-year contract to supply tyres to all police pursuit vehicles in the province of Quebec. The contract, the value of which was not revealed, means that these vehicles will be fitted with Goodyear’s RSA Plus tyres; a product designed specifically for police use and which is fitted as OE on Chevrolet Impala, Ford Crown Victoria and Chrysler Intrepid police pursuit vehicles.

27th August 2002/by Tyrepress Editors

Fire At Goodyear Factory

Arsonists have been blamed for a fire at Goodyear’s Wolverhampton UK factory, in which 4,000 truck tyres and three lorry trailers were destroyed. 120 firefighters took two hours to bring the 70 ft-high flames under control and residents were told to stay indoors with windows closed against the emissions. Although the fire has been put out, experts have warned that the tyres could continue to smoulder for up to two days.

16th August 2002/by Tyrepress Editors

Hose Disputes For Goodyear

Goodyear is being sued by four New York homeowners over allegedly leaky heating hose, which has caused damage to their houses. The hose, called Entran II, was usually installed under floors to heat homes – it was removed from the market in 1993. In Colorado earlier this year, Goodyear was ordered to pay $23 million to a property developer who used the hose in his buildings. Other lawsuits are pending. Goodyear is appealing the Colorado decision and says any problems lie with improperly designed heating systems, rather than the hose. Two years ago, a federal jury found no blame attached to Goodyear in a dispute with a customer, Heatway Systems, who used Entran II in its heating systems and is now facing hundreds of claims.

16th August 2002/by Tyrepress Editors

Goodyear To Certify Balance Sheet Accuracy

Following the recent examples of some US companies over-stating their profits, a rule has been introduced whereby organisations with a turnover exceeding $1.2 billion – and there are 947 listed – have to submit sworn statements certifying the accuracy of last year’s balance sheet and of figures for the first half of this year. The statements have to be with the US SEC-Commission by August 14th. Goodyear is one of the 947 companies and the accounts have to be certified by CEO Sam Gibara and CFO Bob Tieken.

8th August 2002/by Tyrepress Editors